Rockwell Land eyes P10-B sales from new residential projects
By Arra B. Francia, Senior Reporter
ROCKWELL Land Corp. will be launching residential projects that could generate over P10 billion in sales for the year, including its first horizontal development in Laguna.
The Lopez-led property developer announced on Wednesday that it is set to launch Rockwell South at Carmelray in Canlubang, Laguna in the fourth quarter of the year. The 63-hectare project is a joint venture with the Yulo family’s Carmelray Property Holdings, Inc. and San Ramon Holdings, Inc.
“We will initially offer over 250 lots ranging from 650 to 1,000 square meters each, carrying the signature vision of Rockwell and featuring generous open spaces and amenities residents can indulge in,” Rockwell Land President and Chief Executive Officer Nestor J. Padilla said during the company’s annual stockholders’ meeting in Makati yesterday.
A square meter is priced at about P30,000 to P40,000, with the entire project seen to deliver net revenues of P3.9 billion.
Rockwell South at Carmelray will be developed in four phases. For the first phase, there are 252 lots for sale, while house-and-lots will be offered for the second phase to be launched in 2020. The company plans to offer townhouses in 2021 for the third phase, and mid-rise condominiums for the fourth phase in 2024.
“We’ve always wanted to have a variety of products for Rockwell Land. We’ve been doing vertical for the past 20 or so years. Speaking to our clients, it’s a product they’ve been wanting us to get into so we found this would be a perfect opportunity,” Rockwell Land Senior Vice-President Valerie Jane Lopez-Soliven said in a briefing after the stockholders’ meeting.
The company will also unveil an eight-tower, mid-rise residential complex in Bacolod which is expected to generate P8 billion in total sales. The 10.9-hectare project will also house retail and activity areas.
Only two towers will be launched in September. This is seen to generate about P2 billion in revenues. Units are sized from 36-100 sq.m., priced at P110,000-120,000 per sq.m.
Rockwell Land is also set to launch Benitez Suites in Quezon City by November, with sales expected to hit P2.8 billion.
Another project to be unveiled in the third quarter is the second tower of East Bay Residences by Rockwell Primaries in Sucat, Muntinlupa, after the company has already sold 86% of the project’s first tower. This is expected to post another P2.7 billion in sales.
“After several launches in the second half of 2019, we are optimistic about more geographic growth in the years after that will allow us to create new Rockwell communities in new markets, including one in Central Luzon,” Mr. Padilla said.
With several projects in the pipeline, Rockwell Land sees P16 billion in reservation sales this year, seven percent higher than 2018’s P15 billion.
Rockwell Land has committed to spend P12-14 billion in capital expenditures this year to support its project development. About 15% of the project will be for expanding its land bank.
Shares in Rockwell Land firmed up 1.48% or three centavos to close at P2.06 apiece on Wednesday.